[Round-up] Vietnam Steel Makers Face U.S. Anti-dumping Lawsuit, 2016 GDP Target Lowered

Tuan Minh

22:08 04/10/2016

BizLIVE - Several U.S. steel producers recently submitted an anti-dumping and countervailing petition to the U.S. Department of Commerce concerning cold-rolled steel imported from Vietnam. The Vietnamese government has lowered its 2016 GDP growth target to 6.3%-6.5%.

[Round-up] Vietnam Steel Makers Face U.S. Anti-dumping Lawsuit, 2016 GDP Target Lowered

The Vietnamese government has lowered its 2016 GDP growth target to 6.3%-6.5%.

U.S. Lodges Anti-dumping Lawsuit against Vietnam’s Cold-rolled Steel
Several U.S. steel producers recently submitted an anti-dumping and countervailing petition to the U.S. Department of Commerce (DOC) concerning cold-rolled steel imported from Vietnam, said the Ministry of Industry and Trade.
The producers asked the DOC to launch an investigation and delay the payment for the shipments of cold-rolled steel from Vietnam. They also suggested that deposits for the import should equal to anti-dumping and countervailing duties on Chinese imports.
Switzerland to Continue ODA for Vietnam
Switzerland has pledged to continue its support for through overseas development assistance (ODA) projects, which focus on achieving sustainable economic growth, according to the Vietnam News Agency (VNA).
Speaking at a recently-concluded workshop to review the completion of 25 years of Swiss Agency for Development Cooperation (SDC) in Vietnam, Swiss ambassador to Vietnam Beatrice Maser Mallor said that as Vietnam had become a lower-middle-income country, Switzerland’s assistance needed to be adjusted to reflect this new reality.
Daiwa House to Quadruple Vietnam Rental Factories
Daiwa House Industry plans to increase the size of rental factories it operates in an industrial park in southern Vietnam almost fourfold by March 2019, aiming to capture demand from small and midsize businesses looking to enter the country.
The Japanese homebuilder has a 40% stake in the Long Duc Industrial Park near Ho Chi Minh City. At present, it manages 7,000 sq. meters of rental factories. By fiscal 2018, the company plans to construct six more buildings, expanding floor space to 26,000 sq. meters at a projected cost of around 2 billion yen ($19.7 million).
Hai Duong Lures over $200 Million in FDI
Foreign direct investment into the northern province of Hai Duong has reached $202 million in since the beginning of this year, according to VNA.
So far, the province has lured $6.9 billion in 321 foreign-invested projects. Besides, three trillion dong ($136.3 million) was poured into 43 new projects and 17 existing ones by domestic investors in the period.
Vietnam, Mexico Tighten Economic Link
Mayor of Toluca, capital city of Mexico State, Mexico, Fernando Zamora Morales said he wished to welcome Vietnamese investors, including those from Da Nang, to do business in the city.
During a reception on October 3 for visiting permanent Vice Secretary of the Da Nang municipal Party Committee Vo Cong Tri, the Toluca mayor expressed his delight at receiving the first Da Nang delegation to Mexico and Toluca, the two first twinned cities between the two countries.
Ministry of Construction Says Property Market Steady
There is an abundant supply of housing, prices are steady, lending to developers and home buyers is increasing, and bad debts are low, VNA reported, citing a quarterly report issued by the Ministry of Construction in September.
The supply of apartments in Hanoi and HCM City is high, with many major projects in the pipeline.
Program to Develop Brands for Vietnam’s Food Industry
A program on building a brand strategy for Vietnam’s food industry will help increase recognition of the country’s food products in the world market, thereby boosting the sector’s growth through stronger export, according to VNA.
At a workshop in Hanoi on October 4, Deputy Minister Industry and Trade Do Thang Hai said the building of a food brand strategy is part of the National Branding Program, which aims to build and develop brands for Vietnam’s export commodities that boast high competitiveness.
Hanoi-based conglomerate Geleximco and Hong Kong United Investors Holding (HUI) have asked for the Ministry of Transport’s permission to invest in four large-scale infrastructure projects in Vietnam, which is thirsty for funding to bolster its slowing economy.
The consortium is interested in four projects namely two sections of the North-South expressway, an expressway that spans three economic hubs of the northern province of Quang Ninh, the North-South high-speed railway, and the Long Thanh International Airport in southern Vietnam.
Vietnamese Prime Minister Nguyen Xuan Phuc on Monday lowered the country’s gross domestic product (GDP) to between 6.3% and 6.5% for the whole 2016 following a lower-than-expected pace in the first three quarters.
The PM asked government agencies to make efforts and work out concrete measures to achieve the new target, which is lower than the initially set 6.7%.  
The Vietnamese government has earmarked three trillion dong ($134 million) in compensation for people living in four central coastal provinces whose livelihoods have been hurt by an environmental disaster caused by a Formosa steel mill.  

TUAN MINH